Community Trust Bancorp (NASDAQ:CTBI) Hits New 12-Month High on Better-Than-Expected Earnings

Community Trust Bancorp, Inc. (NASDAQ:CTBI)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $61.97 and last traded at $62.5390, with a volume of 20053 shares changing hands. The stock had previously closed at $58.98.

The financial services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Community Trust Bancorp had a net margin of 23.95% and a return on equity of 12.14%. The firm had revenue of $74.72 million during the quarter, compared to analyst estimates of $73.15 million.

Community Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, December 15th. This represents a $2.12 dividend on an annualized basis and a yield of 3.4%. Community Trust Bancorp’s payout ratio is currently 41.01%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Community Trust Bancorp in a report on Monday, December 29th. Raymond James Financial set a $61.00 target price on Community Trust Bancorp in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $63.50.

Institutional Trading of Community Trust Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC bought a new position in shares of Community Trust Bancorp during the 2nd quarter valued at approximately $40,000. State of Alaska Department of Revenue purchased a new position in Community Trust Bancorp during the third quarter valued at approximately $40,000. Quadrant Capital Group LLC bought a new position in shares of Community Trust Bancorp in the third quarter worth approximately $86,000. Strs Ohio purchased a new stake in shares of Community Trust Bancorp in the first quarter worth $86,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Community Trust Bancorp by 478.9% in the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 1,365 shares in the last quarter. Hedge funds and other institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Stock Down 3.1%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. The company’s 50-day moving average price is $57.68 and its 200 day moving average price is $56.09. The stock has a market capitalization of $1.14 billion, a P/E ratio of 11.59 and a beta of 0.58.

Community Trust Bancorp Company Profile

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. As the parent of Community Trust Bank, the company provides a comprehensive range of banking services to individuals, families and businesses throughout eastern Kentucky, southern West Virginia and northeast Tennessee. With origins dating back to the early 20th century, the organization has built a reputation for supporting community development and regional economic growth across the Appalachian region.

The company’s personal banking offerings include checking and savings accounts, consumer installment loans, home equity and mortgage lending, as well as online and mobile banking platforms.